Webinar: Compliance at Account Closing
There is much to be aware of when closing an account. It's important to balance the demands of providing outstanding service with regulatory requirements and prudent operating procedures. Are you certain of the individual's identity? Does this person have authority to close the account? Are other signatures required? How and when are the funds disbursed? Does the account have increased BSA risk due to cash volumes, wires, etc? What disclosures are required? This webinar will address all these questions and more.
About This Session:
This webinar will cover the following topics:
- Is there a way to salvage the account relationship? Why is the member closing the account? When do you involve senior management to help retain it?
- Identity authentication requirements for the person trying to close the account
- Requirements for different types of accounts - POA, estate, dormant, beneficiary, etc.
- Additional requirements for joint accounts - what if only one person wants to close the account?
- What other relationships are affected? (E.g., SSI direct deposit, other government benefits, auto loan debits which may require a rate adjustment, Internet banking, etc.)
- Are there levies or garnishments on the account?
- Handling "presentments after closure"
- What if the account is being closed due to fraud or suspicious activity?
- TAKE-AWAY TOOLKIT with a sample account closure form and written procedures
Who Should Participate:
Member service representatives, tellers, compliance officers and auditors
About the Presenter:
Ann Brode, Brode Consulting Services, Inc.
With nearly 40 years of experience, Ann Brode serves as a consultant to regional and community financial institutions in a wide range of areas, including strategic planning, lending, deposits, marketing, training, compliance and management. She has presented sessions for numerous state associations and has taught at the School of Banking Administration at the University of Wisconsin, as well as many other state banking schools. Brode is the author of The Bank Deposit Documentation Manual for Front-Line Personnel and is well-represented in numerous industry publications.